Business
China’s SAIC Motor to build $870M second plant in Thailand
The venture, SAIC-CP Motor, is currently building its second plant in the country southeast of Bangkok, and is reportedly spending more than 30 billion baht ($870 million).
BANGKOK — SAIC Motor is planning to ship vehicles from Thailand to other parts of Southeast Asia and beyond, following in the footsteps walked decades ago by Japanese automakers.
The major Chinese carmaker has been manufacturing MG-brand vehicles in Thailand through a joint venture with local conglomerate Charoen Pokphand Group.
The venture, SAIC-CP Motor, is currently building its second plant in the country southeast of Bangkok, and is reportedly spending more than 30 billion baht ($870 million).
The facility, which is slated to open as soon as next year with an annual output capacity of 200,000 units, will be used for exports, said MG Sales (Thailand) Vice President Pongsak Lertrudeewattanavong. Pongsak has indicated to local news outlets that the business strategy for the new plant will be announced around October.
SAIC-CP Motor is now making the MG3 subcompact hatchback, MG GS sport utility vehicle and two other models.
It plans to add two more models by the end of the year, including a multipurpose vehicle. As the lineup expands, the brand’s dealership network in Thailand will increase about 50% to 90 locations by the end of the year.
Business
Thailand Approves Latest Economic Relief Package for Businesses
Some 250 billion baht (US$8 billion) was allocated for soft loans while the remaining 100 billion baht (US$3.2 billion) will go towards an ‘asset warehousing’ program whereby debtors can use their assets as loan collateral but will have the right to redeem their assets under a specific time frame.
On March 23, 2021, Thailand’s government approved its latest economic relief package, valued at 350 billion baht (US$11.2 billion), to support businesses in the country.
Business
Thailand BOI approves Biotech Projects Worth 2.4 Bln Baht ($78 million)
The biotechnology sector is part of the so-called BCG model (Bio, Circular and Green economy) which the Thai government has set as a priority to lead the post-Covid 19 recovery.
The Thailand Board of Investment (BOI) said today it has recently approved new projects in the field of advanced biotechnology, worth a combined 2.4 billion baht (around USD78 million) in investment, reflecting the increased interest of local and foreign investors in the country’s biotech sector.
The Asia-Pacific (APAC) region saw a 3.9% month-on-month growth in deal activity (mergers & acquisitions, private equity and venture financing deals) from 1,126 deals to 1,170 deals in February 2021, according to GlobalData, a leading data and analytics company.
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